According to a report released on September 14 by the Brazilian Association of Vegetable Oil Industries (Abiove), the revenue generated by Brazilian exports of soybeans, soy meal, and soy oil totaled US$48.8 billion from January to August, outperforming the results obtained in the entire year of 2021. This phenomenon is explained by higher product prices and increasing volumes of bran and oil exported. In 2021, exports of soy complex products (beans, bran, and oil) from Brazil totaled about 48 billion dollars. In 2022, Brazil’s leading exporting industry is expected to increase its revenue by 10 billion dollars over last year to an all-time high of nearly 58 billion dollars, according to Abiove’s forecast. The surge in soy, bran, and oil prices has more than offset the decrease in grain export volume, which was caused by a shortfall in the Brazilian harvest as well as weaker demand from China, the world’s largest importer of the oilseed.
Sources: Money Times/Datamar News